Bitcoin Price Prediction for Today, May 29: BTC/USD Retreats After Trading Above $28,000

Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price prediction shows that BTC rises in the early hours of today, but got rejected as the market touches the low of $27,570.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $27,711
  • Bitcoin market cap – $536.4 billion
  • Bitcoin circulating supply – 19.3 million
  • Bitcoin total supply – 19.3 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $33,000, $35,000, $37,000

Support Levels: $23,000, $21,000, $19,000

BTC/USD may begin to follow the bearish movement if the bears force the king coin to bow down to fresh losses. At the time of writing, the Bitcoin (BTC) is changing hands at $27,711 after adjusting from the resistance level of $28,433 which is an intraday high. Moreover, the Bitcoin price may be vulnerable to losses if the price crosses below the lower boundary of the channel.

Bitcoin Price Prediction: Bitcoin (BTC) Price Could Fall Move

The Bitcoin price from a technical angle reveals that the market price may follow the downtrend or continue to move sideways because the bullish movement is not visible now. However, the technical indicator Relative Strength Index (14) may confirm the bearish movement if the signal line drops below the 50-level.

Moreover, bulls are currently banking on the lower boundary of the channel to ensure that despite a reversal, the Bitcoin price stays above this barrier. Any bearish movement below this bearer could touch the nearest support of $25,000 and may cause the coin to reach the critical supports at $23,000, $21,000, and $19,000. Following the upward movement, if the coin remains above the 9-day and 21-day moving averages; it could hit the potential resistance levels at $33,000, $35,000, and $37,000 respectively.

BTC/USD Medium-term Trend: Ranging (4H Chart)

As the 4-hour chart reveals, the Bitcoin price is seen crossing below the 9-day moving average, and the bears are likely to come back into the market while the bulls are trying to defend the $27,500 support. If not, the support level of $26,500 and below may come into play if the coin focuses on the downward movement.

BTCUSD – 4-Hour Chart

Moreover, buyers may need to regroup and hold the current level at $27,708, once this is done, traders may expect a movement above the upper boundary of the channel, and this could push the king coin to the resistance levels of $29,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving in the same direction above the 60-level, suggesting a sideways movement.

Bitcoin Alternatives

The Bitcoin price is currently facing the south, however, where BTC trends next may partly depend on whether or not buyers can close today’s candle above the $28,500 level. Should in case this comes to play, the bulls may propel prices higher, and then traders may expect the king coin to rise. However, the Wall Street Memes (WSM) token is quickly becoming the next global meme coin phenomenon after raising $1 million in a record 2 days. Like every other initiative from the WSM group, the token is turning out to be a remarkable success.

Wall Street Memes - Next Big Crypto

Rating

Wall Street Memes
  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on BeInCrypto, Bitcoinist, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection - Wall St Bulls
  • Tweets Replied to by Elon Musk
Wall Street Memes
Learn More

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Bitcoin Cash Price Prediction for Today, February 11 – BCH Technical Analysis

Image
The Bitcoin Cash price prediction adds a tremendous 7.35% gain, and the coin touches the resistance level of $277.46. Bitcoin Cash (BCH) Trades Bullishly After Facing Challenges Bitcoin Cash (BCH) has encountered difficulties in upholding its price consistency, fluctuating within the $234 to $235 range throughout the past week, experiencing a modest uptick of 0.2%. Nevertheless, Bitcoin Cash (BCH) is showing signs of relief, maintaining a range between $246 and $277 respectively. Bitcoin Cash Prediction Statistics Data: Bitcoin Cash price now – $266.0 Bitcoin Cash market cap – $5.28 billion Bitcoin Cash circulating supply – 19.6 million Bitcoin Cash total supply – 19.6 million Bitcoin Cash Coinmarketcap ranking – #20 BCH/USD Market Key Levels: Resistance levels: $300, $320, $340 Support levels: $220, $200, $180 BCHUSD – Daily Chart BCH/USD is fetching a decent hike in the last 24 hours, which takes the coin toward the resistance level of $280 level. The Bitcoin Cash pri
Read more

C+Charge Carbon Credit Crypto Project Approved by Leading Auditing Firm – Raises $360,000 in Presale

Image
Source: SolidProof Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. C+Charge has passed a security audit conducted by Germany-based blockchain auditor SolidProof, which examined its core smart contracts and found no issues at all. Its publication comes just as the BNB Chain-based carbon credit platform marks raising $370,000 in its ongoing token sale, indicating the growing market interest in its plans to create a blockchain-based network of EV-charging stations. Offering CCHG at a price of $0.013, the presale aims to raise $2,080,000 and is due to end on March 31, when the altcoin will receive its first exchange listings. This will also potentially be the time when early CCHG investors make a market-beating profit, with C+Charge having some of the strongest fundamentals of any new project in the ecosystem. C+Charge Carbon Credit Crypto Project Approved by Leading Auditi
Read more

Bitcoin 5-Week Bullish Streak Falters; Can CPI Data Perform Wonders?

Bitcoin saw a notable five-week surge, lifting its value by nearly 40%, only to face a bearish downturn and consolidate around $36k. The excitement surrounding a potential spot ETF diminishes as Bitcoin fails to surpass $37k. Investors now focus on the upcoming CPI data release as a crucial market influencer. Following a robust five-week ascent, propelling its value by nearly 40%, Bitcoin (BTC) has encountered a period of consolidation in the $37,000 range. The digital asset appears unable to sustain the bullish rally, with its price now around $36,000 after largely bearish trading in the past 24 hours. With the excitement surrounding the potential approval of a Bitcoin spot ETF dwindling, investors may shift their focus to Tuesday’s Consumer Price Index (CPI) as a potential catalyst for renewed bullish momentum. Specifically, the U.S. Bureau of Labor Statistics (BLS) is expected to release the CPI data today at 08:00 a.m. local time. Financial experts an
Read more